Suppose a car is manufactured with all it's features except the breaks.  Many people will still be saves provided they do not find any traffic in their way.  Or  in other words they are so lucky that they are still safe and reach their destination.
In the same way I think without some regulations; scammers will always be able to cheat others.  There should be some one who is keeping eye on their activities.  Though their powers should be limited.  With unlimited or more powers they may become dictators.
Rules and regulations need to be formed at international levels because ICOs have international reach.  World Bank may be the rule maker in this case.  Or any other new regulatory agency may be formed under whose guidance all the countries are working in this field. 
Crypto currency is the currency for the future; so entire world should help develop it and remove hurdles from it's way.